Steel Dynamics price target lowered to $115 from $120 at BMO Capital

BMO Capital analyst Katja Jancic lowered the firm’s price target on Steel Dynamics to $115 from $120 and keeps a Market Perform rating on the shares after the company offered a “disappointing update” on Q2-to-date. The EPS guidance coming in below the firm’s and consensus estimates can mainly be attributed to softer-than-expected downstream fabrication segment results, says the analyst, who thinks continued project delays represent an increasing risk to the fabrication segment’s resiliency.